Formerly NCH Brasil Recebíveis Imobiliários (NCHB11) — renamed in Mar/2025 after the manager's corporate name changed from NCH Brasil to Fyto Capital. CNPJ 18.085.673/0001-57. Operating since Oct/2013, but its current configuration (15.28M units, focus on high-yield subdivision CRIs) was consolidated following a 1:9 stock split in Jan/2024.
Segment: Paper — Multi-category CRI (high yield with a subdivision bias) · Price R$ 7.96 · P/BV 0.7968 · BV/unit R$ 9.99 · Net assets R$ 153 Mi · 10,077 unitholders
FYTO11 (FII Fyto Recebíveis Imobiliários) is a Brazilian REIT in the Paper — Multi-category CRI (high yield with a subdivision bias) segment. Formerly NCH Brasil Recebíveis Imobiliários (NCHB11) — renamed in Mar/2025 after the manager's corporate name changed from NCH Brasil to Fyto Capital. CNPJ 18.085.673/0001-57. Operating since Oct/2013, but its current configuration (15.28M units, focus on high-yield subdivision CRIs) was consolidated following a 1:9 stock split in Jan/2024.
A fund that has lent money to nearly 40 developers and subdivision builders across Brazil, receiving inflation-adjusted interest and passing it on as tax-free monthly income. Be aware: monthly dividends fluctuate significantly with inflation — during months of negative IPCA inflation, payouts can drop substantially.
This page gathers the factual snapshot of FYTO11 in 2026: what the fund is, what it invests in, what it charges, who manages it and how it got here. Opinion, score and recommendation live in the analysis; payout calendar and projections live in dividends.
Management: Fyto Capital (formerly NCH Brasil).
Fyto Capital (CNPJ 15.040.228/0001-82) is the updated name of NCH Brasil Gestora de Recursos as of Mar/2025 — same CNPJ, same team. In the 2025 Annual Report, the entity also appears as NEXTCAP PARTNERS ASSET MANAGEMENT LTDA, reflecting the same CNPJ and a likely new corporate name pending approval. The firm specializes in subdivision and residential construction CRIs. Origination has maintained low delinquency (0.28%), but the brand transition over 18 months (NCHB → FYTO → NEXTCAP) introduces some questions regarding institutional stability. PwC auditing and BTG Pactual administration provide a governance backstop.Portfolio 95.5% allocated across 38 CRIs, with a high-yield bias toward subdivisions (60%) and residential construction (24%), 89.5% indexed to IPCA
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-20L0870667 | — | 9.1% | — |
| cri-21I0827770 | — | 8.1% | — |
| cri-20I0851693 | — | 7.4% | — |
| cri-22A0181986 | — | 5.5% | — |
| cri-21C0789317 | — | 5.3% | — |
| cri-22L1668380 | — | 4.9% | — |
| cri-25H5030806 | — | 4.1% | — |
| cri-25G5244369 | — | 4.0% | — |
| cri-22L1562255 | — | 3.4% | — |
| cri-22K1802248 | — | 3.1% | — |
| cri-20I0135149 | — | 3.1% | — |
| cri-21C0731447 | — | 3.1% | — |
| cri-24G1895078 | — | 2.9% | — |
| cri-24J5057179 | — | 2.8% | — |
| cri-24K3211802 | — | 2.7% | — |
| cri-21K0002026 | — | 2.0% | — |
| cri-24B1573243 | — | 2.0% | — |
| cri-24B1404788 | — | 2.0% | — |
| cri-21K0002029 | — | 1.9% | — |
| cri-23I1270600 | — | 1.7% | — |
| cri-25D1908718 | — | 1.4% | — |
| cri-24G2741434 | — | 1.3% | — |
| cri-25G0669788 | — | 1.3% | — |
| cri-24I1419236 | — | 1.2% | — |
| cri-24G2741433 | — | 1.2% | — |
| cri-24L2717582 | — | 1.2% | — |
| cri-24F2418658 | — | 1.2% | — |
| cri-24A1711223 | — | 1.1% | — |
| cri-25C2960533 | — | 1.0% | — |
| cri-21L0329277 | — | 1.0% | — |
| cri-25H0016806 | — | 1.0% | — |
| cri-23H1152062 | — | 0.9% | — |
| cri-21C0708963 | — | 0.8% | — |
| cri-23K2257431 | — | 0.7% | — |
| cri-26A2737248 | — | 0.5% | — |
| cri-20G0000464 | — | 0.4% | — |
| cri-21C0731423 | — | 0.3% | — |
| cri-21F0950049 | — | 0.1% | — |
HHI 0.0416 — baixa.
| Breakdown | Share |
|---|---|
| By index | IPCA 89.5% · CDI 10.5% |
A P/BV of 0.88 indicates a 12% discount to the book value per unit of R$ 9.92. For a high-yield credit FII with such low delinquency, this is a modest discount — reflecting the portfolio's alignment with current market pricing.
last close R$ 7.96 · all-time low R$ 7.56 · high R$ 131.27 · book value per unit R$ 9.99.
Average daily volume (21 sessions) of R$ 138,035 · 12-month average of R$ 175,000.
Low liquidity. A position of R$ 1M takes ~36 trading days to liquidate while absorbing 20% of daily volume — incompatible with a quick exit
| Period | What happened |
|---|---|
| Fund Establishment | Established as FII NCH Brasil Recebíveis Imobiliários (NCHB11), CNPJ 18.085.673/0001-57. Manager: NCH Brasil Gestora de Recursos. |
| Commencement of Operations | The fund officially begins operating. Initial phase with 41k units and net assets of ~R$ 14M. |
| 2nd Unit Offering | Primary public offering totaling R$ 100M at R$ 90.21/unit — meaningful scaling of net assets. Following the offering, the fund reaches R$ 51M in net assets and 571k units. |
| 1:9 Stock Split | A 1:9 unit split approved on Jan 15, 2024 — for every unit held, 8 new units are assigned. Units expand from 1,697,932 to 15,281,388. Effective Jan 18, 2024. |
| Performance Fee Eliminated | On Feb 6, 2024, BTG Pactual (administrator) amends the bylaws to eliminate the performance fee — a structural cost reduction for unitholders. |
| Renaming NCHB11 → FYTO11 | On Mar 10, 2025, manager NCH Brasil Gestora de Recursos changes its name to Fyto Capital Administradora de Recursos. The fund retains the same CNPJ, same team, and same policy, now under a new brand. |
| Reserves Begin to Be Drawn Down | Net cash (item 9 of the Monthly Report) drops to R$ 5.25M (Sep/2025), the lowest level post-split. This triggers a distribution reduction from R$ 0.11 to R$ 0.10/unit in the following months. |
| DPU Drops to R$ 0.08 | The distribution for February 2026 (referreferencing Feb/26 earnings) fell to R$ 0.08/unit (vs R$ 0.107 in the previous month). Negative IPCA inflation in Feb/2026 reduced the monetary correction on IPCA-linked CRIs, signaling DPU vulnerability during periods of contractionary inflation. |
| DPU Returns to R$ 0.10 | In Mar/2026, the DPU returns to R$ 0.10/unit as positive IPCA inflation resumes indexing the CRIs. MtM carry remains at IPCA + 12.24% p.a. |
| Q1 2026 Quarterly Report Confirmed with CVM | On May 18, 2026, BTG Pactual (administrator) files the Q1 2026 Structured Quarterly Report, confirming: quarterly cash earnings of R$ 4.09M, distributions equivalent to 100% of financial earnings, item 9 (liquidity) of R$ 6.98M, and 38 CRIs with no acquisitions or disposals during the period. Total convergence with numbers previously released in the Mar/2026 Management Report. |